Singapore’s Land Transport Authority on Wednesday released the latest tender results for Certificates of Entitlements (Coe) needed to buy a car.

The report said the COEs for cars with engine capacities of 1600cc and below are at their lowest level ($S15,396) since 1996, excluding a one-off movement in 2001. COEs for cars with engines above 1600cc are at the lowest level ($S14,808) since the start of the year.

Reuters noted that car sales make up biggest chunk of Singapore’s retail sales at 26%. Retail sales and wholesale trade together make up about 16% of Singapore’s $110 billion economy.

Reuters added that when the vehicle Quota System was first introduced in 1990, there were four COE categories. In 1999, the four car COE categories were merged into two. Highs and lows since the system was introduced have ranged from $S50 to $110,500.